The market was supported "as Wall Street rose on bank earnings that overshadowed slower Chinese growth and Europe’s debt troubles," Phillip Futures said in a report.

US financial giants Bank of America, JPMorgan, Wells Fargo and Citigroup all saw their shares surge between five and 10 percent Tuesday after reporting positive earnings figures, pushing up key US bourses.

Wall Street's cheer was helped by British newspaper The Guardian reporting that France and Germany, the eurozone's biggest economies, have agreed to boost the region's rescue fund to two trillion euros ($2.7 trillion) from 440 billion euros.

Meanwhile, forecasts of a larger-than-expected decline in US crude stockpiles by the American Petroleum Institute in a report released late Tuesday was also cheering crude markets, Phillip Futures said in its report.

"Crude stocks fell 3.1 million barrels. This was contrary to the 1.8 million barrels increase anticipated by analysts," the report said.